Gold trades marginally higher on MCX

Gold was trading marginally higher on the MCX with gold for December delivery trading higher by Rs 61 at Rs 30795, while Silver for December delivery was trading higher by Rs 41, at Rs 49750.

Gold has moved up in the last few trading sessions in line with international prices. Gold in the international markets have rallied largely on account of hopes that the Fed would delay its asset purchase programme in the US.

The Federal Open Market Committee is scheduled to meet shortly and is likely to place on hold any decision to taper off its asset purchase programme.

In India gold demand is likely to remain subdued ahead of the festive season. Indian gold demand has been dropping after the government levied a series of duties to discourage gold imports and help the falling rupee.